Is Apple (NASDAQ:AAPL) about to launch an electric car?

Apple Inc (NASDAQ: AAPL) is reportedly developing its own electric car to take on Tesla Inc (NASDAQ: TSLA) and others. Here’s the tea
The post Is Apple (NASDAQ:AAPL) about to launch an electric car? appeared first on The Motley Fool Australia. –

apple and tesla shares represented by image of an apple on wheels

Apple Inc (NASDAQ: AAPL) is a company I’d wager almost everyone on the planet would be familiar with. Its flagship product, the iPhone, is among the most popular consumer goods in the world.

If you throw in all of its other famous devices, such as the Mac, the iPad, AirPods and (more recently) Apple Pay, you can get a grasp of this company’s scale. No wonder Apple is one of, if not, the world’s most valuable companies by market capitalisation at US$2.18 trillion. 

But a new report from the Australian Financial Review (AFR) today could herald a new, and massive, chapter in this company’s incredible history. According to the report,  Apple is “moving forward with self-driving car technology, and is targeting 2024 to produce a passenger vehicle”.

The vehicles “could include [Apple’s] own breakthrough battery technology” as well.

iCar for Apple?

Apple has reportedly been developing self-driving technology since 2014 through the dramatically named ‘Project Titan’. This project has apparently had a haphazard strategy, and has gone through various cycles of ‘will it, won’t it’.

But according to the report, “Apple has progressed enough that it now aims to build a vehicle for consumers”. And central to these plans is Apple’s battery technology. This, the report states, could “radically” reduce the cost of batteries and “increase the vehicle’s range”. 

“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” is what a Project Titan worker told the report. 

However, Apple is far from guaranteed success in this endeavour. The supply chain construction alone would require enormous capital and planning. And Apple would have to play catchup to the likes of Tesla Inc (NASDAQ: TSLA), which has been scaling its own vehicle production to great success using its own in-house and world-leading battery technology in recent years.

Not to mention other electric car companies that have been enjoying positive news of late too, such as Nio Inc (NYSE: NIO) and Rivian. As well as the plethora of existing internal combustion engine car companies like Toyota, Volkswagen, Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM) and Honda that are turning to electric drivetrains.

It’s also not the only tech giant dabbling in this space either. Alphabet Inc‘s (NASDAQ: GOOG)(NASDAQ: GOOGL) Waymo has been developing its own self-driving technology for years now.

But still, none of these companies has the combination of size, cash or brand power that Apple does. So it will be an interesting space to watch.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Sebastian Bowen owns shares of Alphabet (A shares) and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Apple, and Tesla. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Is Apple (NASDAQ:AAPL) about to launch an electric car? appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!